Offshore bank

An offshore bank is a bank located outside the country of residence of the depositor. Typically, an individual or company will use an offshore bank in a low-tax jurisdiction (or tax haven) that provides financial and legal advantages. These advantages typically include:

greater privacy (see also bank secrecy, a principle born with the 1934 Swiss Banking Act)

little or no taxation (i.e. tax havens)

easy access to deposits (at least in terms of regulation)

protection against local, political, or financial instability

While the term originates from the Channel Islands being "offshore" from the United Kingdom, and while most offshore banks are located in island nations to this day, the term is used figuratively to refer to any bank used for these advantages, regardless of location. Thus, an "offshore banks" include Swiss banks and those of other landlocked nations such as Luxembourg and Andorra.

This page contains text from Wikipedia, the Free Encyclopedia - https://wn.com/Offshore_bank

Latest News for: Africa offshore banking

China's ICBC Partners up with Uganda counterpart in oil and gas development

CNTV 25 May 2018

By Timothy Sibasi, freelancer at Juka Africa Agency, Kampala Uganda ... Top executives of Stanbic Bank Uganda and China's ICBC Bank have just signed a joint partnership deal with expectations that business opportunities in Uganda’s oil and gas sector will flourish and can attract more foreign direct investments (FDI) ... ICBC holds shares in Standard Bank of South Africa, which is the parent company of Stanbic Bank Uganda....

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We cannot afford such a strong currency

Independent online (SA) 26 Feb 2018

It should be remembered that foreign inflows are fickle, and when the tide turns the offshore investors are quick to exit the country. According to World Bank and Unctad statistics South Africa had not experienced net foreign direct investment outflows since 1991, but inflows varied widely ... The only tool left to help the economy along is a softer stance by the SA Reserve Bank’s monetary policy committee by cutting lending rates....

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EDITORIAL: Liberalisation’s many returns

Business Day 23 Feb 2018

... that lay down the proportion of their assets that institutional investors such as pension and provident funds can hold offshore ... The Reserve Bank will have to issue a notice to make this official before investors can actually take money offshore....

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Gupta-linked funds in Bank of Baroda should not leave SA: Outa

Sowetan Live 13 Feb 2018

The Organisation Undoing Tax Abuse (Outa) has called on the SA Reserve Bank to ensure that Gupta-linked funds in the Bank of Baroda are not moved offshore. The SA Reserve Bank has confirmed that ......

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Broke Eskom must explain R400m ‘kickback’

Business Day 19 Jan 2018

When Business Day asked Huarong Energy Africa what it had done to justify charging a R400m "sourcing fee", and why it should be paid into an offshore bank account, the company promised to issue a joint statement with Eskom "addressing your questions"....

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Banking on a foreign currency account

Business Day 03 Dec 2017

You can choose between a foreign currency account domiciled in South Africa (your money stays in the country) or an offshore-held bank account with full transacting functionality and offshore loan options ... Foreign currency accounts for money you take offshore are typically offered under the banks' offshore banking licences in jurisdictions such in the Isle of Man, or Guernsey in the Channel Islands....

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OPINION: Offshore savings - why it makes sense

Independent online (SA) 08 Nov 2017

Offshore saving is a ‘pro-South Africa’ investment as the money does not leave the country, unlike other offshore accounts, so investing in a foreign ... In addition, the South African Reserve Bank allows adults in South Africa to invest or spend as much as R1 million in offshore currency each year, without the need to provide additional documents....

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Where Klepto-Mahathir has hidden his RM100 billion

Malaysia Today 15 Oct 2017

Daim, who acts for himself and as Mahathir’s proxy, is the beneficial owner of a string of banks centred mostly in Africa and some parts of Europe ... Many of the banks in Africa that Daim is linked to have a gold and diamond paper-trail that are legitimised, often through investments in offshore entities with the help of financial institutions in Switzerland, Saudi Arabia and the UAE....

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Mauritius trims 2017 sugar output after high rainfall

This is Money 12 Sep 2017

Once focused on sugar and textiles, Mauritius has diversified into tourism, offshore banking and business outsourcing to cement its reputation as one of Africa's most stable and prosperous economies ... ....

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UKIP candidate suggests paying British Indians to leave the UK – and Twitter responds perfectly

Stylist 21 Aug 2017

One of the men running for the UKIP leadership has come up with an, erm, novel idea for reducing the UK’s population ... He claimed that most financial aid to developing countries currently “ends up in offshore bank accounts” belonging to “the wives of most of these leaders in Africa”, and proposed cutting the budget from over £13billion a year to just £1bn a year ... She added ... Here to stay.” ... ....

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Alleged $350,000 Fraud: Firm Accuses FBI, US Congress, of Nonchalance

This Day 19 Aug 2017

... and his firm, Biowish TM Africa Limited ... petition against Biowish TM Africa Limited and Mr ... “The sum of $350,000 was transferred to Biowish TM Africa Limited offshore account 2531597594, BBVA Compass Bank, Houston Texas in three tranches of $150,000, $150,000 and $50,000 on�October 16, November 6 and December 12, 2012, respectively....

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At which point do ‘bargains’ become bargains?

Moneyweb 11 Apr 2017

Gary Booysen looks at Barclays Africa and banking stocks, retailers with offshore earnings, the heavyweights, ‘bargains’, commodity prices, the dollar, civil unrest, Sasol and the oil price ... ....

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Elections pose no major risks but IMF thinks otherwise

Graphic 11 Oct 2016

The Standard Bank report, which is largely used by its clients, offshore partner banks, institutions and potential investors in Africa, does not see any major risks posed by the December 7 elections because it believes whatever the outcome of the election would not lead to a discontinuation of the Extended Credit Facility (ECF) backed IMF bailout programme....

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